The Worldwide Financial Fund‘s spokesperson Julie Kozack welcomed the Egyptian authorities’s announcement that she had signed gross sales contracts pursuits in state-owned corporations price $1.9 billion.
Kozack confused that these measures are a vital component of the IMF’s Prolonged Fund Facility (EFF) program and are an vital step in direction of supporting and offering assets for exterior financing and debt discount.
She confirmed at a press convention on the IMF headquarters in Washington that work continues to pave the best way for the finalization of the primary assessment of the EFF.
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This contains constant implementation of the state’s technique of exiting its shares in state-owned entities, she stated, along with adopting insurance policies that present a aggressive setting for the personal sector to enhance equal alternative, and sustainably transfer in direction of a versatile alternate price to scale back the deficit. of international forex.
She defined that Egypt’s announcement of the above measures represents vital progress within the implementation of a necessary a part of the excellent coverage package deal, which goals to revive macroeconomic stability.
Kozack famous that on Dec. 16, the IMF Board accepted monetary services amounting to $3 billion, with the intention of supporting Egypt’s reform program that goals to handle financial vulnerabilities, strengthen the social security web, promote sustainable and inclusive progress to advertise and create employment. .
Specialists and observers regarded the fund’s satisfaction with the Egyptian measures as a sign of the frequent understanding between the 2 sides relating to this system to advertise structural reforms of the economic system and the continuation of the deliberate financing assist.
A member of the board of administrators of the Federation of Egyptian Industries (FEI) Mohamed al-Bahaa proposed to create a particular fund for the proceeds from the sale of shares of public corporations, to have this fund managed by financial consultants and assist native companies aiming to export to drive the greenback income growth course of.